What Amerant Bancorp Inc. told the SEC could break it.

Amerant is a Florida-concentrated bank with heavy commercial-real-estate exposure — CRE loans were 238.8% of the Bank's risk-based capital and 37.5% of total loans at year-end 2025 — leaving it sensitive to Florida CRE-market and economic downturns.

“As of December 31, 2025, the Bank's portfolio of CRE loans represented 238.8% of its risk-based capital, and 37.5% of its total loans.”

As a holding company with limited operations, Amerant depends on dividends from its subsidiaries (subject to regulatory limits) to service its Subordinated Notes and junior subordinated Debentures, and may struggle to generate sufficient cash if conditions deteriorate.

“We may not be able to generate sufficient cash to service all of our debt, including the Subordinated Notes and the Debentures. We are a holding company with limited operations and depend on our subsidiaries for the funds required to make payments of principal and interest on the Subordinated Notes and the Debentures.”

Substantially all of Amerant's trust, brokerage and investment-advisory revenue currently comes from Venezuelan customers; adverse Venezuelan conditions or US sanctions affecting services to those customers could reduce managed/custodied assets, trading activity, and related fees.

“substantially all our revenue from these services currently is derived from Venezuelan customers. Adverse economic and other conditions in Venezuela, as well as U.S. regulations or sanctions affecting the services we may provide to our Venezuelan customers may adversely affect the amounts of assets we manage or custody, and decrease trading activity by our Venezuelan customers.”